BlackRock Advisors, LLC (“BlackRock”) released today share
repurchase activity for certain BlackRock-advised closed-end funds
(the “Funds”) during the quarter ended September 30, 2023. The
Funds have authorized open market share repurchase programs (the
“Repurchase Programs”) pursuant to which each Fund may repurchase,
through November 30, 2023, up to 5% of its outstanding common
shares in open market transactions. The Repurchase Programs seek to
enhance shareholder value by purchasing Fund shares trading at a
discount from their net asset value (“NAV”) per share, which could
result in incremental accretion to a Fund’s NAV. Below is a summary
of share repurchase activity over this past quarter and since the
inception of each Fund’s Repurchase Program:
- BlackRock repurchased over $160 million in BlackRock
municipal closed-end fund (“CEF”) shares, leading to approximately
$25 million in shares in NAV accretion in 2023 year to
date.
- Since the initial Repurchase Program inception in 2016,
BlackRock has repurchased over $1.1 billion in shares across
the BlackRock CEF complex, leading to over $184 million in
NAV accretion.
Below is a summary of share repurchase activity over this past
quarter and since the inception of each Fund’s Repurchase
Program:
Municipal CEFs
Summary of share repurchase activity during the most recent
calendar quarter ended September 30, 2023:
Fund Name
Ticker
Number of Shares
Repurchased
Total Amount of Shares
Repurchased
Total Amount of NAV
Accretion
Average Discount on Days
Repurchased
BlackRock California Municipal
Income Trust
BFZ
34,606
$385,787
$47,791
-11.2%
BlackRock MuniHoldings California
Quality Fund, Inc.
MUC
735,540
$7,647,378
$1,341,702
-15.1%
BlackRock MuniHoldings New Jersey
Quality Fund, Inc.
MUJ
312,775
$3,398,237
$574,036
-14.7%
BlackRock MuniYield Michigan
Quality Fund, Inc.
MIY
153,763
$1,650,642
$281,853
-14.9%
BlackRock MuniYield Pennsylvania
Quality Fund
MPA
42,618
$474,751
$63,876
-12.1%
BlackRock Virginia Municipal Bond
Trust
BHV
9,633
$96,541
$16,212
-14.4%
BlackRock New York Municipal
Income Trust
BNY
122,952
$1,217,057
$211,284
-15.1%
BlackRock MuniHoldings New York
Quality Fund, Inc.
MHN
158,889
$1,585,881
$272,214
-14.9%
BlackRock MuniYield New York
Quality Fund, Inc.
MYN
221,503
$2,147,910
$362,206
-14.8%
BlackRock MuniVest Fund, Inc.
MVF
340,658
$2,236,420
$376,409
-14.7%
BlackRock MuniVest Fund II,
Inc.
MVT
166,496
$1,685,265
$291,106
-14.9%
BlackRock Municipal Income Fund,
Inc.
MUI
483,701
$5,309,379
$870,034
-14.3%
BlackRock MuniYield Quality Fund,
Inc.
MQY
562,040
$6,282,246
$906,467
-12.9%
BlackRock MuniYield Quality Fund
II, Inc.
MQT
161,131
$1,574,826
$251,602
-14.1%
BlackRock Municipal Income Trust
II
BLE
349,645
$3,495,946
$583,128
-14.5%
BlackRock Municipal Income
Quality Trust
BYM
207,486
$2,220,992
$329,675
-13.1%
BlackRock Investment Quality
Municipal Trust Inc.
BKN
148,704
$1,641,023
$242,627
-13.0%
BlackRock MuniYield Fund,
Inc.
MYD
320,004
$3,199,424
$532,652
-14.4%
BlackRock Municipal Income
Trust
BFK
395,136
$3,815,411
$646,636
-14.7%
BlackRock MuniYield Quality Fund
III, Inc.
MYI
555,665
$5,829,800
$894,539
-13.5%
BlackRock MuniHoldings Quality
Fund II, Inc.
MUE
240,199
$2,269,264
$397,475
-15.0%
BlackRock MuniHoldings Fund,
Inc.
MHD
425,427
$4,779,984
$808,797
-14.7%
BlackRock MuniAssets Fund,
Inc.
MUA
88,775
$826,505
$110,860
-12.3%
Summary of share repurchase activity since Repurchase Program
inception as of September 30, 2023:
Fund Name
Ticker
Number of Shares
Repurchased
Total Amount of Shares
Repurchased
Total Amount of NAV
Accretion
Average Discount on Days
Repurchased
BlackRock California Municipal
Income Trust
BFZ
1,663,310
$19,512,332
$3,071,465
-13.6%
BlackRock MuniHoldings California
Quality Fund, Inc.
MUC
2,621,333
$28,301,909
$4,494,148
-14.2%
BlackRock MuniHoldings New Jersey
Quality Fund, Inc.
MUJ
1,106,333
$12,552,142
$1,940,909
-14.0%
BlackRock MuniYield Michigan
Quality Fund, Inc.
MIY
476,746
$5,370,544
$866,490
-14.3%
BlackRock MuniYield Pennsylvania
Quality Fund
MPA
367,579
$4,241,328
$645,345
-12.9%
BlackRock Virginia Municipal Bond
Trust
BHV
15,392
$157,923
$25,966
-14.2%
BlackRock New York Municipal
Income Trust
BNY
401,087
$4,053,212
$692,198
-14.4%
BlackRock MuniHoldings New York
Quality Fund, Inc.
MHN
704,554
$7,171,483
$1,121,240
-13.9%
BlackRock MuniYield New York
Quality Fund, Inc.
MYN
1,005,789
$9,915,953
$1,549,492
-13.9%
BlackRock MuniVest Fund, Inc.
MVF
1,030,405
$6,903,752
$1,064,057
-13.8%
BlackRock MuniVest Fund II,
Inc.
MVT
392,282
$4,085,532
$649,784
-14.0%
BlackRock Municipal Income Fund,
Inc.
MUI
1,348,660
$15,345,720
$2,284,385
-13.4%
BlackRock MuniYield Quality Fund,
Inc.
MQY
1,012,460
$11,476,304
$1,617,081
-12.6%
BlackRock MuniYield Quality Fund
II, Inc.
MQT
339,561
$3,397,997
$512,709
-13.5%
BlackRock Municipal Income Trust
II
BLE
833,204
$8,560,298
$1,325,686
-13.9%
BlackRock Municipal Income
Quality Trust
BYM
330,309
$3,599,426
$514,021
-12.7%
BlackRock Investment Quality
Municipal Trust Inc.
BKN
376,081
$4,187,507
$591,719
-12.8%
BlackRock MuniYield Fund,
Inc.
MYD
749,894
$7,737,267
$1,185,618
-13.7%
BlackRock Municipal Income
Trust
BFK
877,427
$8,609,992
$1,405,305
-14.3%
BlackRock MuniYield Quality Fund
III, Inc.
MYI
1,020,790
$10,891,959
$1,598,590
-13.0%
BlackRock MuniHoldings Quality
Fund II, Inc.
MUE
437,902
$4,200,900
$709,986
-14.5%
BlackRock MuniHoldings Fund,
Inc.
MHD
887,327
$10,165,532
$1,650,197
-14.1%
BlackRock MuniAssets Fund,
Inc.
MUA
88,775
$826,505
$110,860
-12.3%
Equity CEFs
Summary of share repurchase activity during the most recent
calendar quarter ended September 30, 2023:
Fund Name
Ticker
Number of Shares
Repurchased
Total Amount of Shares
Repurchased
Total Amount of NAV
Accretion
Average Discount on Days
Repurchased
BlackRock Health Sciences Term
Trust
BMEZ
1,515,753
$22,384,628
$4,276,401
-15.7%
BlackRock Innovation and Growth
Term Trust
BIGZ
2,490,297
$17,319,181
$3,938,979
-19.0%
BlackRock Science and Technology
Term Trust
BSTZ
845,159
$14,060,665
$3,213,653
-19.1%
BlackRock Resources &
Commodities Strategy Trust
BCX
1,000,736
$9,420,661
$1,398,013
-13.2%
BlackRock Enhanced International
Dividend Trust
BGY
660,810
$3,485,985
$497,831
-12.9%
BlackRock Enhanced Global
Dividend Trust
BOE
351,426
$3,476,988
$534,150
-13.6%
BlackRock Energy and Resources
Trust
BGR
214,134
$2,727,745
$361,972
-12.1%
Summary of share repurchase activity since Repurchase Program
inception as of September 30, 2023:
Fund Name
Ticker
Number of Shares
Repurchased
Total Amount of Shares
Repurchased
Total Amount of NAV
Accretion
Average Discount on Days
Repurchased
BlackRock Innovation and Growth
Term Trust
BIGZ
18,909,732
$176,860,365
$35,473,427
-18.5%
BlackRock Health Sciences Term
Trust
BMEZ
6,155,567
$95,748,350
$17,702,027
-15.6%
BlackRock Science and Technology
Term Trust
BSTZ
2,467,361
$41,616,419
$8,535,673
-16.7%
BlackRock Energy and Resources
Trust
BGR
2,211,550
$22,631,112
$3,118,124
-12.3%
BlackRock Enhanced Equity
Dividend Trust
BDJ
2,974,888
$23,626,347
$2,641,607
-10.1%
BlackRock Enhanced Global
Dividend Trust
BOE
7,603,259
$77,598,471
$10,349,962
-12.2%
BlackRock Enhanced International
Dividend Trust
BGY
9,274,687
$49,389,567
$6,386,285
-11.9%
BlackRock Resources &
Commodities Strategy Trust
BCX
14,201,774
$116,163,619
$16,914,856
-13.1%
BlackRock Science and Technology
Trust
BST
136,367
$2,799,570
$284,111
-9.1%
Multi-Asset CEFs
Summary of share repurchase activity during the most recent
calendar quarter ended September 30, 2023:
Fund Name
Ticker
Number of Shares
Repurchased
Total Amount of Shares
Repurchased
Total Amount of NAV
Accretion
Average Discount on Days
Repurchased
BlackRock Capital Allocation Term
Trust
BCAT
673,184
$9,718,056
$1,515,672
-13.8%
BlackRock ESG Capital Allocation
Term Trust
ECAT
489,120
$7,268,837
$1,090,235
-13.4%
Summary of share repurchase activity since Repurchase Program
inception as of September 30, 2023:
Fund Name
Ticker
Number of Shares
Repurchased
Total Amount of Shares
Repurchased
Total Amount of NAV
Accretion
Average Discount on Days
Repurchased
BlackRock Capital Allocation Term
Trust
BCAT
5,127,654
$78,243,175
$13,254,684
-15.3%
BlackRock ESG Capital Allocation
Term Trust
ECAT
3,814,731
$54,526,808
$10,776,340
-16.7%
Fixed Income CEFs
Summary of share repurchase activity during the most recent
calendar quarter ended September 30, 2023:
No Repurchase this quarter.
Summary of share repurchase activity since Repurchase Program
inception as of September 30, 2023:
Fund Name
Ticker
Number of Shares
Repurchased
Total Amount of Shares
Repurchased
Total Amount of NAV
Accretion
Average Discount on Days
Repurchased
BlackRock Corporate High Yield
Fund, Inc.
HYT
4,695,612
$48,249,031
$6,328,699
-11.8%
BlackRock Credit Allocation
Income Trust
BTZ
4,222,616
$52,321,626
$7,126,080
-12.1%
BlackRock Debt Strategies Fund,
Inc.
DSU
4,887,450
$54,871,336
$5,651,691
-9.7%
BlackRock Floating Rate Income
Strategies Fund, Inc.
FRA
2,000,291
$24,605,346
$3,520,574
-12.8%
BlackRock Floating Rate Income
Trust
BGT
1,361,673
$15,886,943
$2,250,227
-12.4%
BlackRock Income Trust, Inc.
BKT
145,423
$854,488
$79,581
-8.7%
BlackRock Limited Duration Income
Trust
BLW
1,341,749
$19,494,225
$2,522,574
-11.4%
BlackRock Multi-Sector Income
Trust
BIT
884,028
$14,722,265
$1,722,801
-10.5%
The amount and timing of any repurchases under each Fund’s
Repurchase Program will be determined either at the discretion of
the Fund’s management or pursuant to predetermined parameters and
instructions subject to market conditions. There is no assurance
that any Fund will repurchase shares in any particular amounts. A
Fund’s repurchase activity will be disclosed in its shareholder
report for the relevant fiscal period. Any repurchases made under
any Repurchase Program will be made on a national securities
exchange at the prevailing market price, subject to exchange
requirements and certain volume and timing limitations and other
regulations under federal securities laws.
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable. For additional information on
BlackRock, please visit www.blackrock.com/corporate | Twitter:
@blackrock | LinkedIn: www.linkedin.com/company/blackrock
Availability of Fund Updates
BlackRock will update performance and certain other data for the
Funds on a monthly basis on its website in the “Closed-end Funds”
section of www.blackrock.com as well as certain other material
information as necessary from time to time. Investors and others
are advised to check the website for updated performance
information and the release of other material information about the
Funds. This reference to BlackRock’s website is intended to allow
investors public access to information regarding the Funds and does
not, and is not intended to, incorporate BlackRock’s website in
this release.
Forward-Looking Statements
This press release, and other statements that BlackRock or a
Fund may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to a Fund’s or BlackRock’s future financial or business
performance, strategies or expectations. Forward-looking statements
are typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
“expect,” “anticipate,” “current,” “intention,” “estimate,”
“position,” “assume,” “outlook,” “continue,” “remain,” “maintain,”
“sustain,” “seek,” “achieve,” and similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,” “may”
or similar expressions.
BlackRock cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and BlackRock assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
With respect to the Funds, the following factors, among others,
could cause actual events to differ materially from forward-looking
statements or historical performance: (1) changes and volatility in
political, economic or industry conditions, the interest rate
environment, foreign exchange rates or financial and capital
markets, which could result in changes in demand for the Funds or
in a Fund’s net asset value; (2) the relative and absolute
investment performance of a Fund and its investments; (3) the
impact of increased competition; (4) the unfavorable resolution of
any legal proceedings; (5) the extent and timing of any
distributions or share repurchases; (6) the impact, extent and
timing of technological changes; (7) the impact of legislative and
regulatory actions and reforms, and regulatory, supervisory or
enforcement actions of government agencies relating to a Fund or
BlackRock, as applicable; (8) terrorist activities, international
hostilities, health epidemics and/or pandemics and natural
disasters, which may adversely affect the general economy, domestic
and local financial and capital markets, specific industries or
BlackRock; (9) BlackRock’s ability to attract and retain highly
talented professionals; (10) the impact of BlackRock electing to
provide support to its products from time to time; and (11) the
impact of problems at other financial institutions or the failure
or negative performance of products at other financial
institutions.
Annual and Semi-Annual Reports and other regulatory filings of
the Funds with the Securities and Exchange Commission (“SEC”) are
accessible on the SEC's website at www.sec.gov and on
BlackRock’s website at www.blackrock.com, and may discuss
these or other factors that affect the Funds. The information
contained on BlackRock’s website is not a part of this press
release.
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